{
  "title": "Growth Breaks and Growth Spells in Sub-Saharan Africa",
  "publication": "IMF Working Papers, September 8, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/09/08/growth-breaks-and-growth-spells-in-sub-saharan-africa-45067",
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  "summary": "This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells).",
  "sections": [
    {
      "heading": "Overview and research question",
      "content": "- Paper examines growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells).\n- Authors: Francisco Arizala, Jesus R Gonzalez-Garcia, Charalambos G Tsangarides, Mustafa Yenice.\n- Date: September 8, 2017.\n- Series: IMF Working Papers, Working Paper No. 2017/202, Volume: 2017, Issue: 202, Pages: 37.\n- DOI: https://doi.org/10.5089/9781484314166.001.\n- ISBN: 9781484314166. ISSN: 1018-5941."
    },
    {
      "heading": "Key empirical findings",
      "content": "- Growth accelerations are generally associated with:\n  - improved external conditions,\n  - increased investment and trade openness,\n  - declines in inflation,\n  - better fiscal balances,\n  - improvements in the institutional environment.\n- Transitioning from growth accelerations to growth spells often requires additional efforts beyond what is needed to trigger an acceleration.\n- Growth spells are sustained by a combination of:\n  - fiscal policy that prevents excessive public debt accumulation,\n  - monetary policy geared toward low inflation,\n  - outward-oriented trade policies,\n  - structural policies that reduce market distortions,\n  - a supportive external environment,\n  - improvements in democratic institutions.\n- Determinants of growth spells in sub-Saharan Africa are different from those in the rest of the emerging and developing countries."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Sustain fiscal policies that prevent excessive public debt accumulation to support growth spells.\n- Pursue monetary policy focused on maintaining low inflation to sustain growth.\n- Adopt outward-oriented trade policies to help transition accelerations into sustained spells.\n- Implement structural policies to reduce market distortions and strengthen the institutional environment.\n- Strengthen democratic institutions as part of a holistic strategy to sustain growth spells.\n- Recognize that policies sufficient to trigger growth accelerations may not be sufficient to sustain growth spells; additional, sustained reforms and supportive external conditions are required."
    },
    {
      "heading": "Subject classifications and keywords (as listed)",
      "content": "- Subject: Exchange rate arrangements, Foreign exchange, Inflation, Oil prices, Prices, Public debt, Real exchange rates.\n- Keywords: accelerations, Africa, aid flows to sub-Saharan Africa increase, Asia and Pacific, break size, developing economy, duration analysis, Exchange rate arrangements, fed funds rate, foreign direct investment, Global, Growth, growth accelerations in sub-Saharan Africa, growth spell, hard landing, Inflation, Middle East, North Africa, Oil prices, Real exchange rates, Sub-Saharan Africa, sub-Saharan Africa sample, sub-Saharan Africa trade integration, terms of trade, WP.\n\nSource: IMF Working Paper \"Growth Breaks and Growth Spells in Sub-Saharan Africa\" by Francisco Arizala, Jesus R Gonzalez-Garcia, Charalambos G Tsangarides, and Mustafa Yenice (September 8, 2017), Working Paper No. 2017/202, DOI: https://doi.org/10.5089/9781484314166.001.\n\n---\n\n Content in this bundle\n\n- Growth Breaks and Growth Spells in Sub-Saharan Africa, WP/17/202, September 2017\n  - Growth Breaks and Growth Spells in Sub-Saharan Africa, WP/17/202, September 2017 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Growth Breaks and Growth Spells in Sub-Saharan Africa, WP/17/202, September 2017 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/09/08/growth-breaks-and-growth-spells-in-sub-saharan-africa-45067"
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    "Authors: Francisco Arizala, Jesus R Gonzalez-Garcia, Charalambos G Tsangarides, Mustafa Yenice",
    "Published: September 8, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484314166.001",
    "Paper examines growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells).",
    "Authors: Francisco Arizala, Jesus R Gonzalez-Garcia, Charalambos G Tsangarides, Mustafa Yenice.",
    "Date: September 8, 2017.",
    "Series: IMF Working Papers, Working Paper No. 2017/202, Volume: 2017, Issue: 202, Pages: 37.",
    "DOI: https://doi.org/10.5089/9781484314166.001.",
    "ISBN: 9781484314166. ISSN: 1018-5941.",
    "Growth accelerations are generally associated with:",
    "Transitioning from growth accelerations to growth spells often requires additional efforts beyond what is needed to trigger an acceleration.",
    "Growth spells are sustained by a combination of:",
    "Determinants of growth spells in sub-Saharan Africa are different from those in the rest of the emerging and developing countries.",
    "Sustain fiscal policies that prevent excessive public debt accumulation to support growth spells.",
    "Pursue monetary policy focused on maintaining low inflation to sustain growth.",
    "Adopt outward-oriented trade policies to help transition accelerations into sustained spells.",
    "Implement structural policies to reduce market distortions and strengthen the institutional environment.",
    "Strengthen democratic institutions as part of a holistic strategy to sustain growth spells.",
    "Recognize that policies sufficient to trigger growth accelerations may not be sufficient to sustain growth spells; additional, sustained reforms and supportive external conditions are required.",
    "Subject: Exchange rate arrangements, Foreign exchange, Inflation, Oil prices, Prices, Public debt, Real exchange rates.",
    "Keywords: accelerations, Africa, aid flows to sub-Saharan Africa increase, Asia and Pacific, break size, developing economy, duration analysis, Exchange rate arrangements, fed funds rate, foreign direct investment, Global, Growth, growth accelerations in sub-Saharan Africa, growth spell, hard landing, Inflation, Middle East, North Africa, Oil prices, Real exchange rates, Sub-Saharan Africa, sub-Saharan Africa sample, sub-Saharan Africa trade integration, terms of trade, WP.",
    "**Growth Breaks and Growth Spells in Sub-Saharan Africa, WP/17/202, September 2017**"
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